A group of students has constructed a model city for 102,574 inhabitants in one of Vienna’s main
squares – as a form of protest against the taxpayer-funded bailout of the Hypo Alpe Adria bank for
the sum of €19 billion.
Bayerische Landesbank (BayernLB) will file a complaint at Vienna’s constitutional court over a law passed earlier this year that wiped out loans it had given to nationalized Austrian lender Hypo Alpe-Adria-Bank International AG.
According to a report from Bloomberg, Austrian regulators are considering the option to move non-performing assets from the ailing Volksbank AG (ÖVAG) into the portfolio of the disastrous Hypo Alpe Adria Bank.
The nationalised Hypo Alpe Adria bank made overall concern losses of €1.67 billion (US$2.2 billion) as of the end of June 2014, according to its half-year balance published on Wednesday. The losses are far higher than any predictions or expectations.
In a follow-up move to its recent downgrading of the creditworthiness of several Austrian provinces, rating agency Standard & Poor's downgraded its ratings for three Austrian banks on Wednesday.
The US rating agency Standard & Poor's, in a new move causing consternation, said on Tuesday it has downgraded the creditworthiness of the Austrian provinces of Vienna, Lower Austria, Styria and Burgenland.
A group of students from Vienna’s Technical University (TU) have designed a city for 102,574 inhabitants that would cost €19 billion - the same amount of money it will cost Austria to bail out the Hypo Alpe Adria bank.
President Heinz Fischer has signed the law that wipes out Hypo Alpe Adria creditors despite guarantees from the nationalised bank's home province of Carinthia of €890 million "after an intensive examination", he said.
Austria’s plan to impose losses on junior creditors of Hypo Alpe-Adria-Bank International AG will cost the World Bank €150 million ($203 million), Bloomberg Businessweek reports.
The coalition of Social Democrats (SPÖ) and conservative People's Party (ÖVP) and the opposition parties, the right-wing Freedom Party (FPÖ), the Greens and the liberal NEOS agreed on a reform allowing opposition parties to set up a parliamentary investigation committee.
The first chamber of parliament (Nationalrat) has passed a law on Tuesday that wipes out some Hypo Alpe Adria creditors, despite state guarantees from the nationalised bank's home province of Carinthia.
Austria's Public Prosecutor's Office against Corruption has completed its work in the so-called Buwog corruption affair after five years of investigations.
The first chamber of parliament (Nationalrat) is set to pass a law on Tuesday that wipes out some Hypo Alpe Adria creditors, despite guarantees from the nationalised bank's home province of Carinthia.
The second speaker in parliament Karlheinz Kopf of the conservative Austrian People's Party (ÖVP) defended the planned law on the Hypo Alpe Adria Bank on Monday in an interview with state broadcaster ORF radio.
The Bayerische Landesbank (Bayern LB) of Germany is suspected of having carried out criminal actions which led directly to the forced nationalisation of the bank by Austria in December 2009.
Finance Minister Michael Spindelegger (ÖVP) sees no need for explanation to his counterparts in the EU about the planned investor's 'haircut' at Hypo Alpe Adria Bank.
